Banks vs Brokers

Some people will always say, "I plan to work with my bank on a loan". This is the typical thought of the average consumer - to utilize the resources of large lending institutions instead of using the personalized services of a licensed Mortgage Brokerage.

But a new study recently found that consumers who use mortgage brokers have a lower APR, on average, than those who use a lender.

The study by Dr. Gregory Elliehausen of the Georgetown University Credit Research Center also supported the hypothesis that through competition, brokers tend to pass their origination cost advantages to the consumer.

The results also challenge the view that loans from brokers are more expensive because of broker steering. And, even though the findings don't apply to every case, the study reported that there is an overall price benefit to using brokers.

Click this link to read the Washington Post Article

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